Lashundra Jones_Unit 10 Assignment_MT320

Lashundra Jones_Unit 10 Assignment_MT320 - The Business...

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Unformatted text preview: The Business Research Process Process Lashundra Jones Kaplan University MT320-05 Professor Miller July 15, 2010 Finding the missing piece? The Business Research Process The Making a business decision is a lot more Making complicated than deciding on what shoes to wear today. It is about finding the missing piece. Making the right decision can increase the profitability of a company, but making the wrong decision can cost the company time and money. The essence of managerial action is decision making (Davis, 2008.) Having a good understanding of the business research process is vital to any manager success within a company. company. The Business Research Steps The Like with any good process there are step that should be followed if you expected to gain anything. The business research has five (5) steps that will enable the manager to make the best decision for their company. They are: best Identifying and defining your problem Identifying Developing your approach Developing Research design Research Collecting the data Collecting Reporting and presentation. Identifying and defining your problem problem This process begins when management This acknowledges that a situation exist acknowledges Identifying the problem can be as simple Identifying as what new product to introduce or as complex as to what department to cut. complex In some cases multiple sub-problems In might arise might Once the problem has been defined you Once can move on to the approach Developing your approach Developing Developing your approach should consist Developing of an honest assessment of your team’s market research skills, establishing a budget, understanding your environment and its influencing factors, developing an analysis model, and formulating hypotheses Research design Research Research design is the most Research encompassing of all steps in marketing teps research, requiring the greatest amount of thought, time and expertise — and is the point at which the less experienced will obtain assistance from an internal/external market research experts (, 2010.) Collecting the data Collecting There are several primary data collection methods that can There be used to collect data. They are: be Questionnaires Questionnaires Interviews Interviews Focus group interviews Focus Observation Observation Case studies Case Diaries Diaries Critical incidents Critical Portfolios Portfolios Surveys Surveys Reporting and presentation Reporting A research proposal is meant to convince research others that your team has a worthwhile project. The proposal is a formal means of communication between the requestor and the proposer of research (Davis, 2008). A research converts mangers concerns into management problems which then turn into research problems. The decision of any management team can make or break an organization. Management should become more involved in research and ensure that information is being identified and used to its fullest potential (Davis, 2008). the research environment is changing rapidly and innovative approaches to using technology to aid decision making will take the fore front in the next decade (Davis, 2008). This is because the interrelationship of the building block is to allow a company to have a systematic approach that will allow them to make the best decision for their organization. their References References Davis, D. (2008). Business Research for Davis, Decision Making (6th ed). Mason, Ohio: Cengage Learning Cengage, (2010), The Six Steps In, Marketing, Retrieved July 9, 2010 from: Research Research ion/steps_index.html ...
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